Exploring the differences in the perception of bureaucracies between European and American contexts, and discussing ways to enhance the effectiveness and attractiveness of government institutions, particularly in light of recent events like COVID-19.
Economics students are often taught that government should intervene when there is market failure. But what about government failure? Should we expect government intervention to outperform market outcomes? Listen as Duke University economist Michael Munger explores the history of how economists have thought about this dilemma and possible ways to find a third or even fourth option beyond government or markets.